Issue 1, 2020

The impact of labour remuneration, inequality and poverty on the work motivation of the Bulgarian population is examined. The focus is placed on determining such levels of labour income that would stimulate the employed and their professional realization. The results show the following: that wages are а weak incentive among employees; that dissatisfaction with the level of remuneration is high; that the age and the education structure of the population have a significant impact on work motivation; and that inequality and poverty have little impact on economic activity.
JEL: Е24; J20; J31; J32; I32; M12

Intangible assets are not a new object of accounting, but for many years there has existed a debate has existed about over their unsatisfactory accounting treatment within the regulatory framework. This in turn leads to the creation of financial statements that do not accurately reflect the economic nature of the company and do not provide sufficiently useful information to the users of financial statements. Therefore, article examines the rise of intangible assets in the context of a changing market environment and the problems associated with their accounting, disclosure and measurement are examined. The characteristics of the main approaches for the valuation of intangible assets are presented in a systematic way.
JEL: M41

A model of competition on the electricity stock market is constructed using Cournot’s competition model and the supply function equilibrium (SFE) model. The main distinctive features of the electricity markets are discussed. The models are then applied to a market with the participation of four manufacturers (a nuclear power plant (NPP) and three coal plants). A specific demand function which gives a good description of the market characteristics is formulated and an estimation is made to determine the marginal costs for producers. Three scenarios are presented in order to demonstrate the applicability of the models used and to shed light on the effects of the changing market environment on prices and market structure. The transmission and distribution losses and the capacity constraints of the manufacturers are not covered.
JEL: D21; D22; D43; C72

The impact of exchange rate movements on the export sector in Nigeria is examined in this study through the use of time series data and the classical linear regression model (CLRM) estimation technique. The variables employed in this study are exchange rate, agric. output, manufacturing output, total export earnings, government capital expenditure, foreign direct investment and broad money supply (M2). From the result, it becomes apparent that exchange rate movements play a significant role in the performance of the export sector in Nigeria. More specifically, the findings show that exchange rate, manufacturing output, agric. output, government capital expenditure and foreign direct investment are positively related to export earnings while the broad money supply (M2) is negatively related. It is therefore recommended that the apex bank should keep a close watch on exchange rate developments in order to enhance exchange rate stability, which will in turn contribute to the development of the export sector in Nigeria.
JEL: F31; O24; F14

A briefly summary is given of the path-breaking ideas of Gordon Tullock (1922-2014). Tullock can be considered one of the founders of public choice. He initiated a new way of thinking and applied rational choice theory to the political and juridical system. His ideas of rent-seeking behavior, majority voting, bureaucratic inefficiency, constitutional design, and the transfer of the public good problem to political decisions have become cornerstones of economic thought.